The World's 100 Most Powerful Women by Forbes

August 24, 2011 — -- Europe is in debt crisis, the Middle East is shaking and there's market panic at home. It is against this backdrop that we present the World's 100 Most Powerful Women.

The women on this list were chosen not just for being on top but for being smack in the middle of Richter-registering events--and more. Their power derives from money and might, yes, but also (thanks to old, new and social media) reach and influence.

This year's No. 1 in the ranking, German Chancellor Angela Merkel--recognized as the "undisputed" leader of the EU--is key to curing what ails the euro zone. As the Arab spring turns into the autocrats' summer, No. 2-ranked U.S. Secretary of State Hillary Clinton provides encouragement to dissidents, while Facebook's Sheryl Sandberg (No. 5) and Twitter's Katie Jacobs Stanton (No. 56) empower the rebels storming the barricades with an uninterrupted newsfeed--or a way to report in 140 characters or less.

Michele Bachmann (No. 22) is rocking the 2012 presidential race while Sarah Palin (No. 34) is still playing coy. We have lots of business leaders too: women from Silicon Valley and Wall Street and Main Street; entrepreneurs of import, like HTC's Cher Wang (No. 20), Zhang Xin (No. 48), billionaire cofounder of real-estate empire SOHO China, and media marquise Arianna Huffington (No. 31).

The Power 100 Women are not just newsmakers--they are custodians of the news. Jill Abramson (No. 12) makes her first appearance as new executive editor of the New York Times. BBC News, run by Helen Boaden (No. 51), reaches some 34 million viewers weekly. Probably best known are the televised journalists: ABC's Christiane Amanpour (No. 44) and Diane Sawyer (No. 47), Ann Curry of TODAY (No. 66) and On The Record's Greta Van Susteren (No. 75).

Other famous faces make the list this year because they have exploited their celebrity status to build global businesses or champion humanitarian causes. Lady Gaga (No. 11) raised over $200 million to fight HIV/AIDS while Angelina Jolie (No. 29) continues her work as a U.N. ambassador.